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§ 9-201 General effectiveness of security agreement

9 V.S.A. § 9-201 (N/A)
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§ 9-201. General effectiveness of security agreement

(a) Except as otherwise provided in this title, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.

(b) A transaction subject to this article is subject to any applicable rule of law which establishes a different rule for consumers and (i) any other Vermont statute or regulation that regulates loans, credit sales, or other extensions of credit; and (ii) 9 V.S.A. chapter 63.

(c) In case of conflict between this article and a rule of law, statute, or regulation described in subsection (b) of this section, the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) of this section has only the effect the statute or regulation specifies.

(d) This article does not:

(1) validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b) of this section; or

(2) extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)

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